Pragmatic WEB Limited (07855805): administration
- Status
- Administration ended
- Administration began
- 2020-07-15
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2011-11-22
- Location
- Brighton
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Property / lease costs
- COVID-19
- HMRC / tax arrears
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated in 2011 and began trading in January 2012 as an extension of the director's freelance career and the incorporation was to increase the perception of professionalism and build the foundations for taking on employees. The Company has always been rooted in WordPress development, evolving over time to include consultancy, design and on-going support services as well as the production of WordPress websites and related web projects.
The business was largely self-funded through profit generated from operations but a few significant events required external funding, office moves being the most notable although a working capital loan was also taken out in Summer 2018.
The Company's turnover has grown steadily and for the year ended 31.07.2019 stood at some £3.1M with an operating profit of £165K employing circa 30 full time staff. The Company began to experience financial difficulties in mid - 2018, shortly after moving into new offices and taking on much higher costs. At that time two of the Company’s biggest clients both independently and suddenly paused spending for 3 months and thereafter resumed at much lower rates. In hindsight the director thinks more drastic cost-cutting could have been undertaken at that time, but believed the Company’s turnover would be able to quickly recover to its previous levels. That did not prove to be the case.
Administrators' statement of proposals (2020-07-28) · Companies House register